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Islami Bank finances rice bran oil project of Rashid Oil Mill at Iswardi, Pabna

Islami Bank finances rice bran oil project of Rashid Oil Mill at Iswardi, Pabna
Islami Bank finances rice bran oil Project of Rashid Oil Mill at Iswardi, Pabna

Abdur Rashid supplies a good portion of the national need of rice since the last twelve years. The rice bran remains unused or sold at a low cost. He thought of using the byproduct in human welfare effectively. Finally he invented the process of producing oil from rice bran. But the project was costly. It was not possible for him to launch such a big industry alone. He submitted detailed plan of the project to Kushtia branch of Islami Bank Bangladesh Limited. Since this was the first ever project of such kind in Bangladesh Islami Bank came forward to finance it after scrutinizing it. Earlier in 2004 Islami Bank financed the Rashid Agro Food Products Limited, also the first of its kind in Bangladesh introduced by him. Rashid Oil Mill has been set up on 12 bighas of land beside Iswardi Pabna Highway.

Dr. Md. Abdur Razzaque, Minister for Food and Disaster Management formally inaugurated the project on 31 July 2011. Md. Shamsur Rahman Sharif, MP and Mohammad Abdul Mannan, Managing Director of IBBL were present in the program as special guests. Rezaul Karim, Additional Deputy Commissionar and Moazzem Hossain, Additional Superintendent of Police in Pabna, Md Habibur Rahman, Deputy Managing Director, Md. Mahfuzur Rahman, Rajshahi Zonal Head and Md. Faizul Kabir, Senior Vice President of Kushtia Branch of IBBL were present in the program.
Dr. Md. Abdur Razzaque in his speech as Chief Guest said that we have to import around 90 percent edible oil of the national need at the cost of Taka 12 thousand crore which is one third of the development budget of the country. He welcomed the riskful investment of Rashid Oil Mill and Islami Bank Bangladesh Limited. He said that Bangladesh will be able to keep its honor high if it can gain fulfillment in food and reduce dependency on import.

Shamsur Rahman MP urged IBBL and other banks to invest in developing more new industries in Ishwardi.

Mohammad Abdul Mannan Managing Director of IBBL in his speech as special guest said that Islami Bank operates investment activities with preference on all-round national development and human welfare. Bank encourages investors to more employment generating projects. Islami Bank have already invested maximum amount in SMEs with a view to entrepreneur development and growth of indigenous industries, he added. The bank has been investing in planned effort to alleviate disparity between city and village. He said that people of Bangladesh posses immeasurable strength and vitality. National development can be mobilized by revitalizing this strength. All should work unitedly for this purpose. Islami Bank has been working restlessly to establish Bangladesh as a powerful nation in the world, He added.
During the program some benefits of oil produced from rice bran were disclosed. This oil is cholesterol free that reduces risk of heart diseases. It contains tocotrienol that resists cancer, oryzanol reduces fat. It keeps food fresh as it is free of transfatty acid, produces no smoke and helps getting rid of constipation. The useful product will be marketed soon.

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